Minnesota § 325J.06 EFFECT OF NONREDEMPTION

Minnesota Statutes

§ 325J.06 — EFFECT OF NONREDEMPTION

Minnesota § 325J.06

PartTRADE REGULATIONS, CONSUMER PROTECTION

Ch. 325JPAWNBROKERS

This text of Minnesota § 325J.06 (EFFECT OF NONREDEMPTION) is published on Counsel Stack Legal Research, covering Minnesota primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

Minn. Stat. § 325J.06 (2026).

Text

(a)A pledgor shall have no obligation to redeem pledged goods or make any payment on a pawn transaction. Pledged goods not redeemed within at least 60 days of the date of the pawn transaction shall automatically be forfeited to the pawnbroker, and qualified right, title, and interest in and to the goods shall automatically vest in the pawnbroker.

(b)The pawnbroker's right, title, and interest in the pledged goods under paragraph (a) is qualified only by the pledgor's right, while the pledged goods remain in possession of the pawnbroker and not sold to a third party, to redeem the goods by paying the loan plus fees and/or interest accrued up to the date of redemption.

(c)A pawn transaction that involves holding only the title to property is subject to chapter 168A or 336.

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(a) A pledgor shall have no obligation to redeem pledged goods or make any payment on a pawn transaction. Pledged goods not redeemed within at least 60 days of the date of the pawn transaction shall automatically be forfeited to the pawnbroker, and qualified right, title, and interest in and to the goods shall automatically vest in the pawnbroker.
(b) The pawnbroker's right, title, and interest in the pledged goods under paragraph (a) is qualified only by the pledgor's right, while the pledged goods remain in possession of the pawnbroker and not sold to a third party, to redeem the goods by paying the loan plus fees and/or interest accrued up to the date of redemption.
(c) A pawn transaction that involves holding only the title to property is subject to chapter 168A or 336.